Ispire Technology Inc. (NASDAQ:ISPR) Sees Significant Drop in Short Interest

Ispire Technology Inc. (NASDAQ:ISPR - Get Free Report) saw a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 849,000 shares, a decline of 14.1% from the September 30th total of 988,700 shares. Approximately 5.4% of the shares of the company are short sold. Based on an average trading volume of 101,000 shares, the days-to-cover ratio is currently 8.4 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Tidal Investments LLC acquired a new stake in Ispire Technology in the 1st quarter valued at about $196,000. Bank of New York Mellon Corp lifted its stake in Ispire Technology by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 46,119 shares of the company's stock valued at $369,000 after purchasing an additional 3,931 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Ispire Technology by 62.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 62,273 shares of the company's stock worth $382,000 after buying an additional 24,017 shares in the last quarter. AdvisorShares Investments LLC grew its position in Ispire Technology by 10.0% in the second quarter. AdvisorShares Investments LLC now owns 175,858 shares of the company's stock worth $1,361,000 after buying an additional 16,000 shares during the last quarter. Finally, Yong Rong HK Asset Management Ltd grew its position in Ispire Technology by 94.2% in the second quarter. Yong Rong HK Asset Management Ltd now owns 1,669,515 shares of the company's stock worth $13,357,000 after buying an additional 809,819 shares during the last quarter. 5.00% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Roth Mkm reaffirmed a "buy" rating and issued a $12.50 price objective on shares of Ispire Technology in a report on Wednesday, October 2nd.

Ispire Technology Price Performance

Shares of NASDAQ ISPR traded down $0.13 during mid-day trading on Tuesday, reaching $5.93. 51,242 shares of the company traded hands, compared to its average volume of 93,668. Ispire Technology has a fifty-two week low of $5.01 and a fifty-two week high of $19.78. The firm has a market cap of $334.46 million, a PE ratio of -24.71 and a beta of 2.84. The stock has a fifty day simple moving average of $6.80 and a 200-day simple moving average of $6.88.

Ispire Technology (NASDAQ:ISPR - Get Free Report) last issued its quarterly earnings results on Thursday, September 26th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.04. Ispire Technology had a negative return on equity of 45.39% and a negative net margin of 9.72%. The firm had revenue of $37.34 million during the quarter, compared to analyst estimates of $34.00 million. As a group, analysts predict that Ispire Technology will post -0.21 EPS for the current fiscal year.

About Ispire Technology

Ispire Technology Inc researches, develops, designs, commercializes, sales, markets, and distributes e-cigarettes and cannabis vaping products worldwide. The company was founded in 2019 and is based in Los Angeles, California. Ispire Technology Inc operates as a subsidiary of Pride Worldwide Investment Limited.